Mixin Network Founder Acknowledges $200 Million Hack, Ensures Safety for Half of User Assets

Mixin Network Founder Acknowledges $200 Million Hack, Ensures Safety for Half of User Assets

Crypto News – Over the past weekend, Mixin Network, a decentralized wallet service, fell victim to a significant hack amounting to $200 million in losses. In response, the founder of Mixin Network, Feng Xiaodong, held a livestream addressing the community and the security situation.

Feng Xiaodong reassured users by stating, “No matter what your assets are — whether it’s Bitcoin or Ethereum — we will ensure that half of it remains unaffected.” However, he acknowledged the challenges in recovering the compromised funds.

Initially, the company can only guarantee the safety of half of the total user assets on the network. To address the remaining compromised assets, Feng mentioned the possibility of issuing “bond tokens” that users can claim. The plan involves Mixin buying back these tokens in the future.

In light of the hack, the company is also planning to establish a new system to host user assets securely. The incident had an immediate impact on Mixin’s native token, XIN, which experienced an 8.6% drop to $194 within the past 24 hours, as per CoinGecko data.

Following the breach, Mixin temporarily suspended deposit and withdrawal services and sought assistance from SlowMist, a blockchain security firm, to conduct a thorough investigation. SlowMist confirmed that the attack targeted the Mixin Network cloud service provider database on Saturday.